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<br />. <br /> <br />'" <br /> <br />Seventh: <br /> <br />Eighth: <br /> <br />to suoervise all the acts of the officers <br />and employees of the company. <br /> <br />to cause to be issued to the party entitled <br />thereto the stock of the company under the <br />provisions of the certificate of incorooration <br />certificates of shares of stock according <br />to their respective ri~hts and interest not <br />to exceed in the ag3regate the capital stock <br />of the company. <br /> <br />Ninth: to audit and pass upon all bills and accounts <br />against the company. <br /> <br />. <br /> <br />Tenth: to fill all vacancies in their own board and <br />to elect all officers of the company. <br /> <br />Eleventh: and generally do and perform all acts necessary <br />to fully manage and operate the properties of the <br />company. <br /> <br />. <br /> <br />Section 3. The Board of Directors at their first meeting <br />and annually thereafter uoon the first meeting of a newly elected <br />board shall elect a President and Vice-President from their own <br />number, also appoint a secretary and a treasurer who mayor <br />may not be a member of said board or a stockholder of the company <br />which said officers shall be elected or apoointed for one year <br />or until their successors are duly elected or appointed and <br />qualified, but subject to removal at any time by the vote of a <br />maj ority of the board at a meeting thereof. <br /> <br />Vacancies in any office may be filled at any meeting of the <br />Board by a majority vote of the directors. <br /> <br />Section 4. The Board of Directors shall employ when <br />necessary such superintendents, ditch riders, watchers, and <br />other employees which in their judgment are necessary for the <br />operation, maintenance and repairinp, of said company's property <br />and allow and pay them such compensation as in their judgment <br />is necessary and may discharge any of the sarne at their pleasure <br />and shall annually fix the amount of compensation, if any, to be <br />paid to the Secretary, the Treasurer, and other emoloyees of the <br />company and the time or times at which the same shall be paid; <br />and the power to require any officers, agent, or emoloyee to furnish <br />bond and surety for such amount as they may from time to time <br />think proper for the proper discharge of their several duties. <br /> <br />Section 5. The first meeting of any newly elected <br />Board of Directors shall be held promptly after adjournment <br />of the Annual Stockholders !teeting and regular monthly meetings <br />of the Board of Directors shall be held at the offices of the <br />company at Fort Morgan, Morgan County, Colorado, upon the 1st <br />Saturday of each month at the hour of 10: 00 A. M. and any <br />regular meeting or soecial meeting held pursuant to call three <br />directors shall constitute a quorum for the transaction of <br />business. A special meeting without call shall be valid <br />provided three directors are present. Call meetings may be held <br />at any time with call of any two directors, provided three days <br />notice thereof be given by mail. <br /> <br />(Amended at meeting held 3/7/31) <br /> <br />. <br /> <br />. <br />I <br /> <br />Section 6. All vacancies occuring in the Board of nirectors <br />by death, resignation, disqualification, refusing to perform the <br />duties of directors, or otherwise may be filled by vote of a <br />majority of the remaining members of the Board. . <br /> <br />. <br />